Amid volatility in gold prices, the commodity market regulator Forward Markets Commission (FMC) has raised the initial margin on gold futures to 5 per cent of the value of contract from 4 per cent, on all the exchanges in the country.The increased rate of margin will be effective from September 2.

"... the Exchanges are directed to impose initial margin on gold contracts (all gold contracts) at the rate of 5 per cent of the value of the contract," FMC said in a directive.

In view of the current price volatility, the Commission has also decided to impose additional margin of 5 per cent on all the Gold, Silver, Brent Crude Oil, Crude Oil and Natural Gas contracts traded on the National Exchanges till further orders.

However, gold prices fell by 0.57 per cent, to Rs 33,438 per 10 grams in futures market in early

trade today as speculators indulged in trimming positions.

At the Multi Commodity Exchange, gold for delivery in far-month December declined by Rs 193, or 0.57 per cent, to Rs 33,438 per 10 grams in business turnover of 12 lots. Similarly, the yellow metal for delivery in October lost Rs 174, or 0.52 per cent, to Rs 33,476 per 10 grams in 305 lots.

Base Metals & Energy

COPPER

CRUDE OIL

D A I L Y B U Z Z

Amid a weak trend overseas and profit-booking by speculators after recent gains, copper prices fell by 0.32 per cent to Rs 485.35 per kg in futures trade today.

At the Multi Commodity Exchange, copper for delivery in August month fell by Rs 1.55, or 0.32 per cent, to Rs 485.35 per kg in business turnover of 1,326 lots.

Similarly, the metal for delivery in November traded lower by 85 paise, or 0.17 per cent to Rs 495.75 per kg in 1,424 lots.

However, some export demand limited the downside. At the National Commodity and Derivatives Exchange, jeera for delivery in October fell Rs 22.50, or 0.16 per cent to Rs 13,747.50 per quintal with an open interest of 5,394 lots.

In a similar fashion, the spice for delivery in September lost Rs 20, or 0.15 per cent, to Rs 13,595 per quintal with an open interest of 8,667 lots. It had lost 0.05 per cent in yesterday's session.